Tom Lee mentioned Ethereum has surpassed Bitcoin and shares to grow to be the second-largest “wartime” asset as struggle prices soar and cryptocurrencies grow to be extra enticing as liquidity and threat buying and selling.
In response to Fundstrat co-founder Tom Lee, for the reason that current escalation of the Center East battle, Ethereum has grow to be the world’s second-best-performing main asset, behind solely the highest safe-haven commerce and forward of each Bitcoin and shares. In a current publish shared on his TomLeeTracker
Mr. Lee quantified the present struggle drive at about $30 billion per thirty days in further authorities spending, and warned that this quantity “may rise to the $100 billion vary” if the battle escalated, successfully turning the protection funds right into a everlasting fiscal shock.
Tom Lee: Ethereum is the second finest asset for the reason that struggle started
He additionally says:
– Struggle spending: $30 billion per thirty days, reaching $100 billion
– Each $10 spent on fuel = simply $4-5 billion hit to customers per thirty days
– Bitcoin #3 … Each utterly outperform shares pic.twitter.com/jqxllAH0RS— Tom Lee Tracker (not really Tom) (@TomLeeTracker) April 6, 2026
In contrast, he argued that the influence of upper oil costs is smaller than many buyers assume, saying that each $10 enhance in oil costs places about $4 billion to $5 billion per thirty days of strain on U.S. customers. This arithmetic implies that even with oil costs close to $100 a barrel, the web macro impact remains to be tilted in direction of stimulus relatively than contraction, Lee argues.
A March Fundstrat research cited by Lee and first reported by DL Information and Yahoo Finance exhibits that Ethereum has gained about 17% relative to the S&P 500 for the reason that US-Israel-Iran battle started in late February, outperforming Bitcoin, gold, actual property, MSCI World Vitality, and the Magnificent 7 tech shares. “Cryptocurrencies seem like a a lot stronger retailer of worth in wartime,” Lee mentioned, including that “cryptocurrencies have outperformed for the reason that struggle started, whereas gold has really underperformed,” a view echoed in his calls to “ditch gold and purchase cryptocurrencies” throughout the battle.
Ethereum’s efficiency can be supported by structural elements comparable to a market capitalization of almost $230 billion, rising institutional positioning, and a staking fee of almost 30% of complete provide that compresses accessible float. Lee, chairman of Bitmine Immersion Applied sciences, has lengthy been a bull on Ether and maintains a long-term worth goal of $250,000. $ETH And not too long ago, Bitmine backed up that stance with motion because it revealed a further $133 million buy, bringing its Ethereum holdings to over $9 billion.
Rising authorities spending and risky power costs are growing the allocation worth of cryptocurrencies as each “liquid and threat belongings,” Lee mentioned. He argues that protection spending and still-accommodative monetary situations are creating a powerful liquidity atmosphere that might disproportionately profit high-beta belongings comparable to Ethereum and Bitcoin, whilst wars and oil shocks dominate the headlines. In a earlier analysis word featured in MarketWatch and different monetary media, Lee emphasised that “inventory markets backside out within the early levels of a army battle,” suggesting that the current outperformance of Ether and Bitcoin could possibly be an early sign of how capital will likely be repriced if conflicts and spending spikes proceed.
